Gas Detection Equipment Market to Reach USD 6,801.6 Million by 2034 Amid Need for Elaborate Surveillance Networks in Industries | Future Market Insights, Inc.

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Jul 15, 2024, 06:44 ET

The rising adoption of gas detectors across industries such as oil & gas, mining, and the building is a key factor propelling demand for gas detection equipment in the global market.

Market Survey on Gas Detection Equipment Industry Covering Sales Outlook, Up-to-date Key Trends, Production and Consumption Statistics, Market Size and Forecast Including New and Replacement Sales, Import and Export Analysis, Installed Base Analysis, Trade Scenario Analysis, Company Share and Pricing Analysis

NEWARK, Del. , July 15, 2024 /PRNewswire/ -- According to a Future Market Insights (FMI), the global gas detection equipment market size reached USD 3,613.7 Million in 2023. Over the forecast period, demand is anticipated to rise at 6% CAGR. The total value is predicted to increase from USD 3,801.1 Million in 2024 to USD 6,801.6 Million in 2034.

Gas leaks pose serious threats to both companies and nearby communities, often resulting in oxygen starvation, explosions, and loss of life. To mitigate these risks, companies prioritize safety measures, including the adoption of commercial gas leak detectors.

Gas detectors like early warning devices, are indispensable for safety policies as these offer more time to remedy the situation or prevent disasters from occurring. These are also capable of forming an integral part of elaborate surveillance networks and security measures.

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In the oil and gas sector, safety awareness is significant as it operates with toxic and harmful gases. Governments worldwide have made it mandatory for industries to undertake safety awareness programs by enforcing new laws and regulations.

The risk of explosions can be decreased significantly by utilizing gas detection equipment. These quickly locate gas leaks and provide a chance for the operator to manage the issue. Gas monitor detectors are witnessing innovations as government bodies implement strict regulations for the safety of workers.

Key Takeaways from the Report:

Global sales of gas detection equipment grew at a CAGR of 2.5% between 2019 and 2023.
Tier 1 companies comprise leaders with a revenue of above USD 100 Million capturing a significant share of 13.8% to 19.6% globally.
China's gas detection equipment market size is projected to reach USD 884 Million by 2034.
Sales of gas detection equipment in the United States are projected to soar at a CAGR of around 4.6% during the assessment period.
Based on product type, the fixed detector segment is forecast to rise at a CAGR of 5.8% through 2034.
Based on end-use, the oil and gas category are estimated to witness a CAGR of 4.9% in the forecast period.

What are the Key Trends Shaping the Gas Detecting Equipment Industry?

Industrial Gas Leakage Risks in Processes to Propel Demand for Gas Detection Equipment

Highly hazardous substances, particularly poisonous and flammable gasses, are being developed and utilized in a growing number of applications and end-use sectors. Gas leaks are rather inevitable and can be dangerous for adjacent residents, industrial businesses, and their staff. This danger has historically been demonstrated by instances when gas leaks have caused explosions, oxygen shortages, and fatalities as a result.

Most firms' safety plans include early warning systems, such as gas detectors, as a key component of minimizing the threat to employees and equipment. These gas detection solutions could buy companies more time to make a change or take precautionary measures. They can also be used as a component of an extensive monitoring and safety system that has capabilities like emergency process shutdown and fire detection, among others. As a result, there is a considerable need for gas leak-detecting systems which will eventually lead to higher sales of gas-detection equipment.

Growing Awareness About Safety in Oil & Gas Sector Boosting Sales

Gas detection equipment is particularly necessary for toxic and hazardous gasses, as they can cause disastrous outcomes if they leak and combine with the surrounding air. As a result, governments have made several laws and guidelines available, and each industry is mandated to take part in a safety awareness program. In the oil and gas business, where mistakes or a lack of awareness are not tolerated, these programs increase crucial safety awareness.

These considerations are driving up the demand for gas detection technology because it significantly reduces the risk of explosions by spotting gas leaks quickly and providing enough time for the operators to take control of the situation. Government intervention and growing awareness in the oil and gas industry will therefore continue to boost sales of safety products like gas detection equipment during the forecast period.

"Predictive maintenance strategies are gaining traction, with modern systems utilizing deep learning and big data to provide comprehensive views of asset risk and approaching failures. Gas leak detection is integral to predictive maintenance strategies, ensuring timely corrections or preventions," – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

The gas detection equipment market is characterized by fierce competition from a wide spectrum of competitors, ranging from multinational corporations to niche businesses. Prominent firms in the industry, renowned for extensive product lines and worldwide presence, are Industrial Scientific Corporation, Honeywell International Inc., MSA Safety Incorporated, and Drägerwerk AG & Co. KGaA.

Together with these well-established behemoths, the sector also benefits from the efforts of up-and-coming businesses and local firms that fill certain geographic niches. These frequently concentrate on providing affordable solutions like sewer gas detection equipment.

Recent Developments:

In January 2024, Teledyne Technologies Incorporated, based in the United States, the new iTrans 2 fixed gas detectors. The product delivers smart sensor capabilities.
In March 2024, the Environmental Defense Fund, headquartered in New York, initiated a novel satellite mission to help scientists detect global methane emissions, especially from the oil and gas industry.

Key Companies in Gas Detection Equipment Industry:

MSA Safety Incorporated
Opgal
Drägerwerk AG and Co. KGaA
Teledyne Technologies Inc.
Emerson Electric Co.
Halma plc
Honeywell International Inc.
Danfoss A/S
RIKEN KEIKI CO., LTD
Sensidyne, LP
Testo SE and Co KGaA
Fortive Corporation
Inficon Holding AG
Trolex Ltd.
ESP Safety Inc.
Hanwei Electronics Group
Halma plc

More Insights into the Gas Detection Equipment Market Report:

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global gas detection equipment market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on product type, gas type, connectivity, end-use, and region.

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Which Sensor Technology is More Popular in the Market?

Simple Measurement Procedure and Less Expensive Nature Making Electrochemical Sensor Technology Popular

Based on sensor technology, the global gas detection equipment industry is segmented into electrochemical, infrared, metal oxide, catalytic, zirconia, and others. Among these, the electrochemical technology segment is expected to lead the global market during the forecast period, accounting for more than 36.7% share.

This can be attributed to the rising end-user preference for electrochemical-based gas detection equipment due to their simple measurement procedure, short response time, and cost-effective nature.

On the other hand, IR and catalytic gas detection equipment are also expected to grow at a significant pace over the next ten years.

Gas Detection Equipment Market Segmentation Analysis:

By Product Type:

Portable Detectors
- Single Gas Detectors
- Multi-Gas Detectors
Fixed Detectors
- Single-Channel
- Multi-Channel
- Sampling Systems
- Transmitters

By Gas Type:

CO2
CO
NO2
SO2
NH3
Cl3
CH4
O2
H2S
H, and other gases

By Connectivity:

Wired
Wireless

By End-use:

Medical
Water and Wastewater
Mining and Metallurgy
Oil and Gas
Power Generation Plants
Chemical and Petrochemical
Food and Beverages
Security and Defense

About Future Market Insights – Industrial Automation Division:

The Industrial Automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI):

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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